Good morning! Editor Nicole MacAdam (@nicole_mac1) here. If you get a special thrill when the Executive Summary hits your inbox each morning, have I got an app for you. The Financial Post mobile app hit the app store yesterday — check it out and if you like it, tell a friend or five. In the meantime…

RBC will voluntarily pay clients more than $21 million in compensation after reaching a settlement with the OSC over allegations that “excess” investment fees were charged due to insufficient controls, reports Barbara Shecter

. The bank is the latest in a string of large financial institutions to enter a no-contest settlement with regulators after self-reporting the issue of excess fees on funds, along with a plan to reimburse clients. In the RBC’s case, it will pay the regulator a further $925,000 “voluntary payment,” but does not admit or deny the allegations. The OSC’s allegations involved RBC’s wholly-owned indirect subsidiaries RBC Dominion Securities, Royal Mutual Funds, and RBC Phillips, Hager & North Investment Counsel.

Big retailers have been roiled for years by the endless availability of good sold online, writes Hollie Shaw, but one sector has remained relatively immune: home improvement. Thanks, red-hot housing market! The country’s largest retailer in that category, Home Depot Canada, has has seen 23 consecutive quarters of same-store sales growth. “When Canadians stay in a home or when the value of a home appreciates, we do see greater (customer) spending on renovation,” said Jeff Kinnaird, president of Home Depot Canada, which has 182 stores across the country and an estimated $7.7 billion in annual sales. “And staying on trend has shortened the cycle of renovation.” Home Depot is keen to find new avenues of growth in the face of heightened competition from rival Lowe’s, which completed its purchase of No. 2 player Rona last year.

Marijuana producer Canopy Growth’s chief executive Bruce Linton was forced to defend the company’s spending habits, reports Emily Jackson, after the company posted a $21.1-million quarterly loss, despite nearly tripling its revenue to $14.7 million. Linton argued that extra spending on consultants, staff and construction to expand its facilities, along with costs associated with the $430-million acquisition of Mettrum, are part of the company’s strategy to be “best ready and best positioned” for the recreational market. The federal government committed in April to legalization by July 1, 2018. “Everything we were doing and are doing is to make sure we are where we want to be for the beginning of 2018,” Linton said.

Google got a 2.4-billion-euro wake up call (about $3.6 billion Canadian) from European Union regulators who said the search-engine giant skewed results in its favour to thwart smaller shopping search services. The tech giant has 90 days to give equal treatment to rival price-comparison services, according to the European Commission. Failure to comply brings a risk of fines of up to 5 per cent of its daily revenue. “Google’s strategy for its comparison-shopping service wasn’t just about attracting customers by making its product better than those of its rivals,” said Margrethe Vestager, the EU’s antitrust chief. “It denied other companies the chance to compete on the merits and to innovate. And most importantly, it denied European consumers a genuine choice of services.”

Donald Trump’s business will be paid millions of dollars to release the owner of a Toronto hotel complex from using his name. JCF Capital ULC, the closely held U.S. firm that owns the Trump International Hotel & Tower in the city’s downtown business district, has reached a buyout deal to exit the contracts with the Trump Organization’s hotel unit. While no breakup fee was disclosed, the amount was at least US$6 million, according to a person with knowledge of the matter. Signage may be removed from the 65-story tower as soon as Aug. 1, said the person, who asked not to be identified discussing confidential details. The hotel will likely be operated under Marriott International Inc.’s St. Regis brand, people familiar with the plan said earlier this month.